I'll speak from our perspective, rather than being able to interpret what other investors are doing.
I'll just reinforce that we see Canada as a very solid market, a place where we want to continue to invest. Insofar as the percentage of our exposure to Canada that has decreased over the last 15 years, let's say, it is not a judgment on whether Canada is a good place to invest. It is more a focus on seeking the highest possible returns. As it turns out, those decisions really favour the best interests of contributors and beneficiaries.
It's more in terms of the.... If you're faced with 100% of the investable universe and Canada provides less than 3%, by definition the opportunity is 97% outside the country. If we're looking at only the public markets over the last 15 years, that made a difference of about $100 billion in terms of the performance of the global markets versus, say, only a Canadian-focused investable universe.
